Global Cloud Security Market Size is Expected to Reach 8.9 Billion US$ with a CAGR of 23.5% During the Forecast Period 2015-2020 - Valuates Reports™
The global cloud Security market size is projected to gain $8.9 billion by 2020, showing a 23.5 per cent CAGR over the 2015-2020 forecast period
BANGALORE, India, Nov. 19, 2019 /PRNewswire/ -- Data protection requires a set of policies and controls that tackle the cloud's security aspects by protecting software, information, and infrastructure.
Due to its ability to configure the set of services as necessary, the cloud-based security services are expected to see increased market acceptance. The definition of managed security service protects against intruders & cyber attacks and includes firewall of the next generation, content filtering, managed two-factor authentication and even security consultancy. This is expected to offer industry players ample opportunities.
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Growing adoption of cloud services by large and medium-sized companies and increased demand for managed security services generate ample opportunities for cloud security market players.
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Trends Influencing The Cloud Security Market Share:
- Rising adoption of cloud services by enterprises
- The proliferating trend of BYOD and CYOD
Region Wise Cloud Security Market Analysis:
- The cloud security market is expected to dominate North America as it has highly trained professionals with strong technical expertise to work on cloud computing and resolve security issues related to the use of on-cloud servers.
- With the deployment of insecure cloud communication technologies, cloud safety is gaining importance in the Europe region. The vulnerable cloud communication technology creates more danger for the company's server and increases the company's need for implementing cloud security services
- In the Asia Pacific region, private cloud systems are being implemented by companies to store their confidential data. The growing use of private cloud services fuels the region's need for cloud protection.
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Growing Reliance On Cloud-based Services
Increasing adoption of cloud services across diverse verticals has resulted in increased dependence on cloud for storage and other applications. Increasing number of internet users and growing adoption of cloud services are the key impacting factors for adoption of cloud security solutions. Over the period, the growth of online business would highlight the significance of this factor.
Increasing Number Of Cyber-attacks
An increasing number of cyber-attacks due to an upsurge in digitalization is one of the driving factors of the cloud security market. Cyber-attacks have increased rapidly, thereby, resulting in a strong need for cloud security services.
The number of data theft cases have exponentially increased in the last five years, owing to increased generation of digital content and lack of security to protect financial and corporate data. BFSI, followed by IT & telecom and retail, are the most targeted industries.Therefore, burgeoning number of cyber-attacks and data breach cases would boost the growth of the market in the future.
Growing Market For Managed Security Services
The concept of managed security service offers protection against intruders & cyber-attacks and includes next-generation firewall, content filtering, managed two-factor authentication and even security consultancy. This is expected to provide ample opportunities for market players.
Cloud Security Key Segments
The market segmentation is illustrated below:
Cloud Security Market by Type
- Cloud Identity and Access Management
- Data Loss Prevention
- Email & Web Security
- Cloud Database Security
- Network Security
- Cloud Encryption
Cloud Security Market by End User
- Large scale enterprise
- Small & medium enterprise
Cloud Security Market by Vertical
- Healthcare
- BFSI
- IT & Telecom
- Government Agencies
- Retail
- Others
Cloud Security Market by Deployment
- Private
- Public
- Hybrid
Cloud Security Market by Geography
- North America
- Europe
- Asia-Pacific
- Latin America, Middle East and Africa (LAMEA)
Key Players
- CA Technologies, Inc.
- Cisco Systems, Inc.
- Fortinet, Inc.
- IBM Corporation
- McAfee, Inc.
- Panda Security
- Sophos Ltd.
- Symantec Corporation
- Trend Micro, Inc.
Key Benefits of Market Study:
- Comprehensive analysis of the current and future trends in the global market have been provided in this report
- This report provides a competitive scenario of the global market with current and future growth trends, structure, driving factors, scope, opportunities, and challenges
- This report includes a comprehensive analysis of market segments to provide insights on the market dynamics
- Porter's Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making
- Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain
- SWOT analysis of the key market players highlights their strengths and weaknesses along with potential opportunities present in the market
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